The following amounts were taken from the accounting records of Hargrove Services, Inc., as of May...

 

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The following amounts were taken from the accounting records of Hargrove Services, Inc., as of May 31, 20Y7. Hargrove Services began its operations on June 1, 20Y6. Capital stock Cash Dividends Fees earned Interest expense Land Miscellaneous expense Notes payable Rent expense Salaries expense Taxes expense Utilities expense $ 30,000 62,000 13,000 300,000 2,000 98,000 8,000 30,000 28,000 87,000 22,000 40,000 Instructions 1. Prepare an income statement for the year ending May 31, 20Y2. 2. Prepare a retained earnings statement for the year ending May 31, 20Y7. 3. Prepare a balance sheet as of May 31, 20Y7. 4. Prepare a statement of cash flows for the year ending May 31, 20Y7. The following amounts were taken from the accounting records of Hargrove Services, Inc., as of May 31, 20Y7. Hargrove Services began its operations on June 1, 20Y6. Capital stock Cash Dividends Fees earned Interest expense Land Miscellaneous expense Notes payable Rent expense Salaries expense Taxes expense Utilities expense $ 30,000 62,000 13,000 300,000 2,000 98,000 8,000 30,000 28,000 87,000 22,000 40,000 Instructions 1. Prepare an income statement for the year ending May 31, 20Y2. 2. Prepare a retained earnings statement for the year ending May 31, 20Y7. 3. Prepare a balance sheet as of May 31, 20Y7. 4. Prepare a statement of cash flows for the year ending May 31, 20Y7.

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1 Income Statement HARGROVE SERVICES INC Income Statement for the year end May 31 2017 Revenues Fees ... View the full answer